How Consumer Buying Habits Are Changing

  • Analysis
  • 22-January-2019

If you’re a brand or company selling goods to consumers, then it’s your best interest to know how their buying habits are evolving and changing. You want to make sure you’re adapting with the changes in technology and keeping up with the latest developments, so you don’t lose the attention of your target audience.

There are a few ways in particular that purchasing behaviors are changing these days, and knowing what these are will help you to increase your sales. It’s a wise idea to focus on what the data and research are telling you instead of trying to play guessing games.

Looking for Reviews & Recommendations

Technology makes it easier than ever to stay connected and read about other shopper’s opinions and experiences. Consumers buying habits are moving toward wanting to locate and read reviews and get recommendations before spending any money. This is why it’s so important for brands to collect positive customer experiences and post these reviews online for all to see. Consumers also want to know that other consumers are happy with their recent purchase instead of hearing about how great a company is from the company itself. Shoppers are taking the time to do their homework before deciding to move forward with payment.
If there’s one behavior that’s changing the most, it’s that people are talking and sharing their own experiences with each other. Your brand can quickly be thrown under the bus and be spoken about negatively if one person who has power or influence has a bad experience.

Using Less Cash & more Credit

No longer do people walk around with a great deal of cash in their pockets and wallets. Instead, more consumers are using debit and credit cards to complete a transaction. You should be aware that there are even opportunities for people with bad credit to secure a credit card from companies such as Bonsai Finance. Therefore, your store needs to be configured so that you can accept debit and credit cards at the point of purchase.
Only accepting cash will likely cause you to lose customers and could hurt your business over the long-term. It’s not a wise idea to assume that the people walking into your store are carrying around enough cash to purchase what they desire from you.

Making Purchases Online

More and more shopping is being done online these days, especially with the advancements in technology. Consumers are not only using their laptops and computers to buy items, but also their smartphones and tablets. People are shopping on the fly and willing to put money down and secure an item whenever they feel the time is right no matter where they are. It’s a wise idea for companies and brands to bring some or all of their products, services or offerings online so you can increase sales and make it more convenient for people to do business with you.
Consumer buying habits are moving in the direction toward not always wanting to drive to and visit a store to complete a transaction. It’s easy for people to shop online in the comfort of their own home and click a few buttons. It’s important that your company shows up in relevant Internet searches and is there to meet the customer’s needs if you want to increase business. Not only do customers want to buy items through their phones, but also via the various social media platforms. If they see an item they desire to have then they want to be able to click a button and have it in their possession quickly.

Willing to Switch Brands                           

It used to be that consumers were strictly brand loyal no matter what and would never dream about considering another option or turning to a competitor. Nowadays, shoppers are willing to switch brands if it means saving money or knowing that they’re going to get better service elsewhere.
This is both good and bad news for companies because it means you can steal customers away from you more easily, but that you can also lose them just as quickly if you’re not careful. You can’t cut corners or cheat people and expect them to come back time and time again. You’ll not only be called out for your wrongdoings on the Internet, but you’ll start to tarnish your reputation and consumers will turn to another seller. 

Want to Be Wowed with Marketing Efforts

In the past, consumers went out shopping and bought an item because they liked the brand or saw a deal. Now with the improvements in technology and social media, shoppers are looking to be wowed and impressed with marketing efforts from brands. You’re more likely to sell products if you can get one of your campaigns to go viral and people catch on to your message and love what you’re doing. It’s not as simple as running a print ad anymore to grab your customer’s attention. You need to strongly consider producing high-quality videos and spending money on online marketing efforts.
This also sheds light on the way consumers and brands are communicating differently in this new era. The reality is that consumers are moving beyond wanting to be informed and updated through email and in person and also have a desire to engage with companies on social media and text message. Blogs are also a great and fluid medium for brands to use to have conversations with customers and inform them of the latest industry trends and updates they should be aware of.

Conclusion                                                   

These are just a few ways that consumer buying habits are changing and what to be aware of as you head into the future. Your company will perform much better and attract more customers when you can adapt to the changing environment and recognize that these modifications are real and impactful. It’s not enough to go ahead with business as usual and assume that your way is the right way. Take time to do your homework, review the research and data that’s out there regarding this matter and to then make the necessary adjustments on your end.